Getting an SBA Loan for Hotels and Motels

Looking for commercial loans for hotels and motels? An SBA loan may be just what you've been looking for. This $725,000 hotels and motels loan was issued by a New Jersey bank.

This small business received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Commerce Bank, out of Toms River, New Jersey. The loan was granted and they received $725,000 to help grow their Wall (br. P.O.), New Jersey business.

SBA Loan Borrower

COMPANY TYPE: HOTELS AND MOTELS
WALL (BR. P.O.), NJ 07719

SBA Loan Lender

COMMERCE BANK
1101 HOOPER AVE
TOMS RIVER, NJ 08753

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

721110 - Hotels and Motels

Loan Approval Date

12/5/2001

Loan Approval Gross Amount

$725,000

Loan Approval from the SBA

Of the total $725,000 loan amount, the SBA guaranteed $543,750.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application indicated that the funding would help generate 2 new jobs.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

SBA loan guarantees are not loans per se. The SBA simply guarantees the loan, but banks and other lending institutions grant you the loan and give you the money. So, just as this company walked into Commerce Bank and applied for an SBA loan, you have to do the same thing. You need to demonstrate business strength and potential, but the sooner you start, the faster you'll get the money if you qualify!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

SBIR Funding

SBA 7A Banks for Toms River, New Jersey Loans

SBA Participating Banks in New Jersey